Page 26 - Opec

New multilateralism with old paradigms?

The biggest armies and the biggest economies failed against a microscopic virus - the weakest link undid decades of progress

From airline revenues to IPL 2020: The latest on coronavirus crisis

Airline passenger revenues are set to plunge by 55%, or $314 billion, in 2020 due to the coronavirus pandemic, IATA said

OPEC+ deal 'historic yet insufficient', oil prices to fall: Goldman Sachs

OPEC+ had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June to stem a slump in prices

Oil price war ends with historic OPEC+ deal to cut global crude output

The slash is about 10% of global supply

OPEC+ likely to cut oil production only if US joins efforts: Report

Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply.

Seeking to halt free fall, Saudi delays May prices, looks to OPEC meeting

On Friday, Brent crude futures settled at $34.11 a barrel; in early Asia trading, prices fell to $32 a barrel, while US WeWTI) crude CLc1 fell to $ 26.15 a barrel on Sunday.

OPEC+ debates biggest-ever oil cut as Covid-19 pandemic crushes demand

The oil market was dealt a heavy blow by the freefall in demand due to the coronavirus pandemic

Coronavirus outbreak: India tally jumps to 2,547 with 478 new cases

The number of active cases stands at 2,322, while 162 people were either cured or discharged and one had migrated, the ministry stated.

Covid-19: Oil crash poses test for OPEC+ after Moscow, Riyadh miscalculate

An OPEC source briefed on Saudi oil policy said the scale of the fall in demand might require action beyond the scope OPEC+ could take alone

Brent tumbles to lowest since 2002, US crude dips below $20 per barrel

With Saudi Arabia and Russia set to flood the market with oil next month, producers and shippers have been scrambling to lock oil up in storage as demand falls.

India to top up strategic oil reserve with Rs 5,000 cr buy as prices drop

Global crude oil fell about 40% in March (to about $25 a barrel now) so far after talks of production cut between the OPEC and Russia failed.

Consumers need to wait 10 more days for bigger cut in retail fuel prices

Petrol is being retailed at Rs 70.29 a litre and diesel Rs 63.01 per litre in Delhi on Wednesday

Oil slumps below $30 as coronavirus spreads, OPEC rancor remains elevated

The coming flood of supply from Saudi Arabia and other producers could result in the largest surplus of crude in history, said global information provider IHS Markit

Saudi Aramco to cut capital spending over coronavirus; 2019 profits plunge

The 21% decline in net profit for last year means it fell short of analysts' forecasts for the period that culminated in the share sale, months before the coronavirus pandemic became a factor for oil

Coping during uncertain times

The fear of a severe economic impact from the pandemic hit the financial markets that had ignored interest rate cuts by central banks in many major economies

All asset classes are vulnerable as things stand, says Marc Faber

The Nifty50 index hit a lower circuit on Friday as panic spread.

Oil prices fall 8% after Donald Trump surprises with travel curbs

A flood of cheap supply coming onto the market from Saudi Arabia and the United Arab Emirates compounded pressure on prices

World's 2020 oil demand growth virtually eliminated over COVID-19: OPEC

OPEC reduced the growth in world demand for oil from 990,000 barrels per day to 60,000 bpd, a 93 per cent drop

UAE, Saudi Arabia to raise oil output as crude plunges over row with Russia

Russia said on Wednesday it would not reverse its decision as it still believed cutting output would make no sense if the virus hit demand deeper than expected

Sovereign wealth funds may cut down India play as oil prices drop

Foreign outflows could accelerate further if oil prices stay low